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Elon Musk says bitcoin is slightly better than holding cash

Published 02/19/2021, 12:04 AM
Updated 02/19/2021, 12:15 AM
© Reuters. FILE PHOTO: SpaceX owner and Tesla CEO Elon Musk speaks during a conversation with legendary game designer Todd Howard at the E3 gaming convention in Los Angeles

(Reuters) - Tesla (NASDAQ:TSLA) Inc CEO Elon Musk on Thursday said that owning bitcoin was only a little better than holding conventional cash, but that the slight difference made it a better asset to hold.

"However, when fiat currency has negative real interest, only a fool wouldn't look elsewhere," Musk said in a tweet. "Bitcoin is almost as bs as fiat money. The key word is 'almost'."

He also defended Tesla's action to invest in bitcoin, saying that the difference with cash made it "adventurous enough" for the S&P 500 company to hold the cryptocurrency.

Tesla's $1.5 billion bitcoin purchase set the cryptocurrency soaring toward this week's record peak above $50,000 while Musk's recent promotion of dogecoin on Twitter also lifted the price of that cryptocurrency.

© Reuters. FILE PHOTO: SpaceX owner and Tesla CEO Elon Musk speaks during a conversation with legendary game designer Todd Howard at the E3 gaming convention in Los Angeles

Bitcoin was steady just below a record peak of $51,284 on Friday.

Latest comments

manipulator...he wants easy bilions by pumps
Does Elon Musk hold Bitcoin in his personal investment portfolio? He has not disclosed this or tweeted if he has bought bitcoin !!
elon musk needs to know BCH so that he can tell BCH is better than Bitcoin.
I remember the piramide games people got in to 20 years in the past. There were promotors that got in and started telling friends and family to go all in as well, so their share of the piramide got beter. I see no difference. How can this be legal?
popcorn 🍿 for the theatrics please!
He must have very high expectations. He almost doubled his money in a month. Slightly?
Really? Does this idea come after you just spent 1.5B or before?
In other words the bitcoin bubble is better to hold then the dollar bubble lol
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